MAG Industrial needs 1000 square meters of storage space. Purchasing land for $80,000 and erecting a temporary metal building at $70 per square meter is one option. The president expects to sell the land for $100,000 and the building for $20,000 after 3 years. Another option is to lease space for $30 per square meter per year payable at the beginning of each year. The MARR is 20% per year.

(a) By hand, perform a present worth analysis of the building and leasing alternatives to determine the sensitivity of the decision if the construction cost decreases by 10% to $63 per square meter and the lease cost remains at $30 per square meter per year.

(b) Write the three spreadsheet functions that display the correct PW values.